PITTSBURGH (AP) -- Coal and natural gas producer Consol Energy Inc. said Monday that it sold its non-producing assets in the northern Powder River Basin for $170 million in cash to Cloud Peak Energy.
Consol, based in Pittsburgh, has been focusing on Appalachian coal and gas since a major acquisition there in 2010.
Under the deal announced Monday, Consol will keep an 8 percent production royalty on about 200 million tons of coal. The Powder River Basin, located in southern Montana and northern Wyoming, is the largest source of U.S. coal.
Consol's ownership there includes three separate parcels of land, two of which are half-owned by Chevron Corp., as well as other property in and around Sheridan, Wyoming.
So far this year, it has sold $224 million in assets.
Consol shares rose 1 cent to $30.25 in afternoon trading.
